Question

Current Attempt in Progress

Presented below is the adjusted trial balance of Splish Corporation at December 31, 2020.

	Debit		Credit
Cash	$          ?
Supplies	1,340
Prepaid Insurance	1,140
Equipment	48,140
Accumulated Depreciation-Equipment			$  4,140
Trademarks	1,090
Accounts Payable			10,140
Salaries and Wages Payable			640
Unearned Service Revenue			2,140
Bonds Payable (due 2027)			9,140
Common Stock			10,140
Retained Earnings			25,140
Service Revenue			10,140
Salaries and Wages Expense	9,140
Insurance Expense	1,540
Rent Expense	1,340
Interest Expense	1,040
Total	$          ?		$          ?

Additional information:

1.		Net loss for the year was $2,920.
2.		No dividends were declared during 2020.

Prepare a classified balance sheet as of December 31, 2020. (List Current Assets in order of liquidity.)

Answer 1

Balance Sheet
At December 31,2020
Assets			Liabilities and stockholders' Equity
Current assets:			Current liabilities:
Cash	$6,850		Accounts Payable	$10,140
Supplies	$1,340		Salaries and Wages Payable	$640
Prepaid Insurance	$1,140		Unearned Service Revenue	$2,140
Total current assets		$9,330	Total current liabilities		$12,920
Property, plant and equipment:			Long-term liabilities:
Equipment	$48,140		Bonds Payable		$9,140
Accumulated Depreciation-Equipment	($4,140)		Total liabilities		$22,060
Total property, plant and equipment		$44,000	Stockholders' Equity:
Intangible assets:			Common Stock	$10,140
Trademarks		$1,090	Retained Earnings [25140-2920 loss]	$22,220
			Total stockholder's equity		$32,360
Total assets		$54,420	Total liabilities and stockholder's equity		$54,420